U.S. President Donald Trump expressed uncertainty about his scheduled meeting with Chinese President Xi Jinping, telling reporters on Tuesday that it may not happen as planned. The meeting was set to occur in approximately two weeks during the Asia-Pacific Economic Cooperation summit in South Korea.
Speaking from the White House Rose Garden, Trump stated that he believes the meeting could result in a strong trade agreement but admitted, "maybe it won't happen." He emphasized his good relationship with Xi, saying, "I have a great relationship with President Xi. I expect to be able to make a good deal with him," while insisting any deal must be fair. Trump confirmed that the date and time have not been finalized but expects it to proceed in about two weeks.
The agenda for the potential discussion includes fentanyl, soybean exports, Taiwan, and the escalating conflict over rare earth materials. Trade tensions have intensified after China imposed new restrictions on rare earth exports, and Trump responded by threatening additional tariffs on Chinese products. Treasury Secretary Scott Bessent is set to meet with Chinese counterparts this weekend to reduce tensions.
In a related development, Trump met with Australian Prime Minister Anthony Albanese and signed a new agreement to collaborate on developing supply chains for rare earths and critical minerals, directly challenging China's dominance. China, the world's largest rare earth producer, responded through embassy spokesperson Liu Pengyu, who emphasized that supply chains should be market-driven and stable.
Data from the U.S. Geological Survey reveals China produced 270,000 tons of rare earths in 2024 with 44 million tons in reserves, compared to the U.S. production of 45,000 tons and reserves of 1.9 million tons, and Australia's production of 13,000 tons with 5.7 million tons in reserves. Rare earths are critical for technologies like smartphones, electric vehicles, and military equipment.
Amid the geopolitical uncertainty, Bitcoin's price was noted to have reacted to Trump's statements, highlighting market sensitivity to the developments.
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